Managed Investment Schemes

According to the Australian Bureau of Statistics, as at 30 June 2011 the managed funds industry had approximately $1,824 billion of funds under management. Therefore the managed investment scheme is very important to the Australian economy.

Despite this importance, the law concerning the managed investment schemes has historically formed only a small part of the Corporations legislation although the case law interpretation and regulatory involvement has increased exponentially since 2009 following the global financial crisis.

Managed Investment Schemes examines the current status of the managed investment scheme taking into account the history and evolution of the scheme and the current law and regulation as well as examining possible future reforms. However this is done not only from a jurisprudential but also from a practical point of view and will therefore be helpful not only to the legal profession and law students but also to industry participants. The author brings together in the book his many years of experience in the industry and provides a handy guide to all participants in the industry.

Importantly, because tax is the primary driver of the managed investment scheme, the book also contains a detailed examination of the tax issues involved with the different types of schemes. Following the global financial crisis, there has been increased rationalisation of the industry involving merger and acquisition activity. The book therefore also considers the legal and regulatory issues involved in trust acquisitions as well as the tax and stamp duty consequences of the same.

Anyone who is involved in the managed funds industry will find this book an important addition to their library including advisers and participants.

Alan Jessup is a partner at the national law firm Piper Alderman. He is a specialist in the law and regulation of managed investment schemes having practised in this area for many years including before the introduction of the current regulation of such schemes through the Managed Investments Act 1997 and the Financial Services Reform Act 2001. He holds masters degrees in both law and taxation and has advised on both the legal, administrative and taxation issues concerning such schemes. Alan regularly presents seminars in relation to the law and regulation of such schemes including financial services and taxation law issues. The Parliamentary Joint Committee on Corporations and Financial Services aaC--" Inquiry into aspects of agribusiness managed investment schemes - September 2009 refers to his submission throughout its report. He brings to this area of law many years of practical experience as well as giving an understanding of the current law from an historical perspective.

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